ARTICLES & UPDATES

Important news and updates regarding tax changes and relief options for individuals and businesses

The IRS has answered more frequently asked questions (FAQs) about economic impact payments (EIPs) on its website, including rules on when and how EIPs must be returned to IRS. . Background. As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act),...

WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll....

In a statement, the IRS has automatically extended the due date of responses to IRS Letter 6336 from May 4, 2020 to June 4, 2020. Background. The IRS has concluded that certain micro-captive insurance company transactions had the potential for tax avoidance and...

On its website, the IRS has clarified that Paycheck Protection Program (PPP) loan recipients that pay back the loan by May 7 (potentially May 14) can be eligible for the employee retention credit. Background—employee retention credit. The Coronavirus Aid, Relief, and...

In a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both: The payment of the expense results in forgiveness of a loan made under the Paycheck Protection Program and The income associated with the forgiveness...

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants,...

Deferral of the excess business loss limits. The Tax Cuts and Jobs Act (the 2017 Tax Law) provided that net tax losses from active businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other covered taxpayers,...

Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will...

On its website, the IRS has said that it will send letters to economic impact payment recipients about the payment within 15 days after the payments are made. Background. In a March 30, 2020 Information Release, the IRS provided details on the distribution of economic...

Estimated Tax Payments Besides the April 15 estimated tax payment previously extended, today’s notice from the IRS extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due...

SBA: Business Loan Temporary Changes and Payroll Protection Plan

US Department of Treasury: FAQs Payroll Protection Plan (PPP)

US Department of Treasury: PPP Borrower Information Fact Sheet

IRS: FAQ on Deferral of Employment Tax Deposits and Payments through December 31, 2020

US Department of Treasury: Interim Final Rule Additional Eligibility Criteria and Requirements for Certain Pledges of Loans

TIPS FOR STAYING HEALTHY

Practicing good hygiene and maintaining physical distance from others while staying socially connected are all part of staying healthy during this crisis. Here are a few quick tips to help you maintain your health and manage your feelings.

Stay virtually connected with family and friends

Getting support from those you love is helpful in stressful times. To alleviate feelings of isolation, reach out to others, especially if you are feeling anxious.

Stay Safe, Stay Home!

Seriously. Just stay home! It’s up to all of us to help “flatten the curve” by drastically minimizing our social interaction. Only leave the house for essentials and go alone. Don’t congregate and stay 6 feet apart from others.

Get Outside and Take a Break!

Getting outside can benefit both your physical and mental health. Maintain physical distance from others when at parks or on a trail, but try to get out at least once a day to keep from feeling cooped up.

Turn Off The News

Limit what you read or set a time to get caught up on the day’s events. Constantly checking social media and online news sources can trigger anxious thoughts and exhausting panic. Stick to trusted sources of information to ensure you are getting the right facts.

Cut Yourself Some Slack

It can be overwhelming to adjust to working at home, home schooling children, ensuring you have food and basic supplies when shelves are empty, and being unsure of the future. Remember, these are unprecedented times in our history! No one really knows what we are doing or how to do it best. It’s fine to start working later in the day, have your kids watch a little too much tv, and eat cold cereal for dinner. We’re all in this together!

Serve Others

A great way to manage feelings of helplessness is to do something kind for someone else. Check in on an elderly neighbor. Pick up milk at the store for a mom home with small children. Give blood. Do someone’s yardwork. There are so many opportunities to serve others. Not only will you feel better yourself, you’ll be helping someone else through this tough time as well.